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Edwin Miles. Underwriting Manager

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£15000 for new car loan with fair credit

Hello, I have a current Experian credit score of 845. It's just gone down from good to fair because I unsuccessfully applied for a personal loan to buy my partner a new car.

I don't drive but would like to buy new car for her I would have a £5000 plus deposit in the form of a BMW trade in and would be looking to borrow £15000 as the car i'm looking at is approx £20,000.

What would be best way forward in your opinion? Thanks

Posted by Lance on

Answer.

Hi Lance, thank you for your question.

If you don't have a driving licence we won't be able to help you unfortunately as you have a fair credit score. If you had an excellent credit history there is a chance we could have helped with one particular lender as they don't require a driving licence. Who's is the BMW trade in? Yours or your partners?

You seem to have a large enough deposit for us to be able to help however, your partner will have to apply with you as a guarantor as you have no licence. Is this possible? Does your partner have a good credit history too?

Please make a joint application and once accepted we provide a no obligation quote and you can buy a car from any dealer.

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Question.

Hi Edwin, I have a credit score of about 550 I have about £15,000 in bad debts which I will be clearing off. I have a deposit of £10,000 on a car purchase price of £25,000. I earn £2,000 net per month and I am registered on the voters roll at my current address, what would my chances be of obtaining credit of £15,000? Many thanks

Posted by Alan Dyce on

Answer.

Hi Alan, with such a large deposit of £10,000 i'm confident that we can secure you the £15,000 that you need. As long as you can prove your income, have a full UK licence and a UK passport we should be in business. Please apply and then provide me with your reference number so that i can get our sales manager Alex to deal with your case. Edwin

Posted by on

Question.

I'm 26 and have just started a job 2 months ago earning £23k a year. I've got an Experian score of 413 which ranks as good and have no defaults or bad credit history. I'm on the electoral roll etc. My question is what are the odds of getting finance for a 5 year hire purchase on a £15000 car with £2500 deposit? I don't want to do it too soon if it means I'll get rejected and harm my credit score because of the size of the finance I'll be taking out or am I being too pessimistic?

Posted by Richard A on

Answer.

Hi Richard, with a £2500 deposit and a good credit history there's really no reason why we wouldn't get you approved. Please apply on our site when you get 5 minutes and email me with your reference number. Edwin

Posted by on

Question.

I have a credit score of 539 and I am looking at a £15k car with a £4k deposit, Would this be possible? Thanks

Posted by Jason on

Answer.

Hi Jason, this would be possible as you have a large deposit and a just below average score. Please make an application when you get a few minutes. Regards, Edwin

Posted by on

Question.

Hi, I would like to know if I could get finance on a car worth £14000 with a £5000 deposit. My credit rating reads 834 but I have a CCJ in my name which is marked as satisfied with 9 months left until it expires. Also I've only just put my name down on the registry so hasn't shown up yet on my report, but my name is on my previous address many thanks.

Posted by Paul on

Answer.

Hi Paul, Your credit score is actually quite good and with such a large deposit i'm sure that we can secure you the £14,000 that you need. However you may need to prove your income, have a full UK licence and a UK passport/birth certificate. Please apply when you feel ready. Thanks Edwin

Posted by on

Question.

Hi Edwin, I have already asked a question for finance and you answered that. Many thanks. But I have noticed one thing in last few answered. You have asked people for British passport. I’m looking for a loan of 15k and I can go for a deposit of 10k. I’m self-employed and started my own business 3 months ago. My business earning is more than 10k a month. My last salary in November was 70+k. But I’m not British national. I’m living on my current address for 2 years and 9 months. What are the possibilities for me to get finance?

Posted by Sam on

Answer.

Hi Sam. It really depends on which lender we can get you approved with as to whether you will require a British passport. All I can suggest is that you put an application through so we can try our best to place you with an appropriate lender. Thanks, Edwin

Posted by on

Question.

Hello, I have an Experian Credit score of 999, which is classed as excellent and an Equifax score of 631 which is low. I am looking at a £40k car with a deposit of £15k.

My Equifax score is low because I had 4 defaults which have all been satisfied. Will I be able to get a reasonable interest rate, something below 15%?

Posted by Rex A on

Answer.

Hi Rex, thank you for your question.

As you have a large deposit, a decent credit score and due to the fact that your old defaults are now settled i'm firstly confident that we can get you approved for the amount you require.

The interest rate you receive will depend upon which lender we can get you approved with and we'll obviously try our best to get you the lowest possible rate. Under 15% is achievable in my eyes but i can't guarantee this.

Please make an application online and once accepted we provide a no obligation quote and you can buy a car from any dealer nationwide.

Posted by on

Question.

Hi, I'm looking to purchase a second hand Audi A5 S Line for £15000 from Jefferies farm.

I have £1500 cash deposit and when i clear my credit cards a further £1550 possibly adding another £500 in time for applying. I have had defaults on my credit file in the past but these are over 8 years old and have disappeared off my file, I now have all green payments on file.

I have 2 wonga loans that were paid up a year ago. I have 3 credit cards, 1x19 months old with a £500 limit. 1x6 months old with a £800 limit and 1x2 months old £250 limit all with clean history and 2 bank account profiles with clean history but, i have only been on the electoral roll for 2.5 years and my score is currently 730 with 56% utilisation.

I am lowering my amounts on my credit cards as we speak which i hope in turn will increase my score slightly. I earn £29K a year technically self employed for the same employer for last 3 years and they are making me PAYEE shortly and they are happy to write a letter confirming salary and employment with this information would i be accepted? If so, what roughly would the payments roughly be for 5 years and what options i.e PCP etc would be best for lower payments? I rent my property but looking to rent a room to lower my outgoings. Thanks, Jay

Posted by James G on

Answer.

Hi James, thank you for your question.

As you have a decent deposit, some current clean credit, a good income and electoral roll history i'm confident we could get you approved for the amount you need.

The fact that your defaults are old is obviously good news however, lenders don't like to see people using payday loan providers such as Wonga! This hopefully won't stop us securing you a deal though.

I take it that you have done a fully comprehensive insurance quote and this all stacks up financially to. Lenders may well need to see a copy of your insurance certificate but then again this all depends upon who we can get you accepted with.

As you have a fair score £12,000 over 5 years would be approximately £290 per month. Please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Edwin

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